After years of rapid expansion, the buildout of solar power is starting to slow. Capacity additions are set to dip slightly in 2026, the first decline since BloombergNEF began tracking the market. At the same time, the way solar is built is changing, with developers increasingly pairing projects with batteries to manage curtailment, share grid connections and boost revenues. So what does this new phase mean for solar, and how far can co-location carry the industry? On today’s show, Tom Rowands-Rees is joined by BNEF’s head of solar research, Lara Hayim, and analyst Cosmo van Steenis to discuss findings from the notes “4Q 2025 Global PV Market Outlook: First Ever Dip” and “Co-Located Storage Boosts Solar’s Business Case.”

Complementary BNEF research on the trends driving the transition to a lower-carbon economy can be found at BNEF<GO> on the Bloomberg Terminal or on bnef.com

Links to research notes from this episode:

4Q 2025 Global PV Market Outlook - First ever dip - https://www.bnef.com/insights/38279

Co-Located Storage Boosts Solar’s Business Case - https://www.bnef.com/insights/38241